Q3 2024 Storebrand ASA Earnings Call Transcript
Key Points
- Storebrand ASA (SREDF) reported a record high operating result of NOK944 million, up by 36% year-on-year.
- The company achieved double-digit growth across its business segments, driven by strong market positions and strategic initiatives.
- Assets under management grew by 19% year-on-year, with a net flow of NOK14 billion in the quarter.
- The Norwegian retail market saw a 19% year-on-year growth in premium volumes, with Storebrand ASA (SREDF) gaining market share.
- The solvency position remains strong at 190%, supported by improved buffer capital rules and strong cash results year-to-date.
- The P&C insurance results are still weak, with high claims inflation impacting profitability.
- The insurance results are below the targeted level, despite improvements from previous quarters.
- There is uncertainty regarding the ESA case, which affects the public occupational pension growth area.
- The Norwegian paid-up policies saw a reduction in fees, impacting margins.
- The company anticipates somewhat higher costs in the fourth quarter, maintaining a cost guidance of NOK5.9 billion for the full year.
Good morning, ladies and gentlemen, and welcome to Storebrand's third quarter results presentation. Due to some technical issues, we started a few minutes later than scheduled today. We apologize for the inconvenience.
As usual, our CEO, Odd Grefstad, will present the key highlights of the quarter; followed by CFO, Lars Aasulv, who will dive deeper into the numbers. At the end of the presentation, participants in the teams webinar will have a chance to ask questions. Details on how to join the team's webinar are found on the Investor Relations website.
But without further ado, I give the word to our CEO, Odd Arild Grefstad.
Thank you, Johannes, and good morning, everyone. Let me give an overview of the third quarter's highlights. Storebrand's group cash-based earnings amounted to NOK1,507 million in the quarter. The operating result was NOK944 million, up by 36% year-on-year. The record strong operating result was driven
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